MTI abandons fundraising

MTI, a UK venture capital manager, has abandoned fundraising at the same time as Kennet Venture Partners, a survivor of the dotcom collapse, said it would raise about $200m (€168m).

MTI was due to come to market with its fifth fund at the beginning of the year, after closing its £104m (€152m) fourth fund in 2000. Ernie Richardson, chief executive, said conversations with investors last year had been difficult and that he had spent nine months arguing the case for the asset class before he could start to sell MTI's plans.